Bitcoin Expected to Correct Below $100,000 Before $120,000 Surge

Bitcoin, the world's leading cryptocurrency, is expected to reach new all-time highs despite the current bearish sentiment among traders. Analyst Justin Bennett predicts that Bitcoin will correct below $100,000 before igniting a fresh leg up en route to $120,000. This prediction comes as many traders believe that the bull market is over, expecting a 2021-style macro top. Bennett argues that the current run-up is not the same as in 2021, and the backdrop is different, making it unlikely for a similar top to occur.

Bennett's downside target for Bitcoin is around $100,000 or $97,000, where he expects the cryptocurrency to find support. He believes that the next leg down for Bitcoin is confirmed, with $104,800 flipping to key resistance and support at $100,000. At the time of writing, Bitcoin is trading at $104,439. Bennett is also keeping an eye on the TOTAL chart, which tracks the total market cap of all digital assets. He expects TOTAL to correct and find support at $3.04 trillion, aligning with his expected Bitcoin pullback. A bearish TOTAL chart indicates that investors are unloading their crypto holdings, with TOTAL currently trading at $3.225 trillion.

Bennett's prediction is based on his analysis of historical price patterns and technical indicators. He acknowledges that his outlook could be wrong, but he believes that sellers are currently in control of the market. The analyst's forecast suggests that the current bearish sentiment could be a precursor to a substantial price increase, as historical data often shows that periods of extreme pessimism are followed by strong rallies. Bennett's prediction is a reminder that the cryptocurrency market is subject to sudden and dramatic shifts, and that traders should be prepared for both the best and worst-case scenarios.